Jefferies' Fidelity Gift Outlays Topped $1.5M

Jefferies Group claims that former trader Kevin Quinn, who it hired specifically to bolster its Fidelity Investment trades, misused his $1.5 million annual travel and expense budget, earmarked specifically to win Fidelity business, The Wall Street Journal reports.

Quinn's attorney, meanwhile, points out that Quinn was merely following strict orders to reel in more Fidelity trades. In fact, WSJ notes, during Quinn's tenure, Jefferies vaulted from the nation's No. 20 brokerage firm to No. 15.